A M N O P C D E G H 1 K 1 Total stockholders' equity 12/31/2014 1,288,000 2 3 Common stock PV $2, authorized 400,000; issued 180,000 at an average issue price of 4.75 4 Balance is retained earnings. 5 6 During 2015 7 8 Company issued 5,000 shares for 40,000 9 Company has net income of 77.000 and declared dividends of 40,000 101 11 12 Prepare the stockholders' equity section of the balance sheet as it would be presented in a classified balance sheet. 13 14 15 16 PP&E 12/31/2014 17 18 Buildings, net 180,000 19 Land held for speculat 100,000 20 Land 120,000 21 Equipment, net 210,000 22 23 Accumulated depreciation buildings - 40,000 24 Accumulated depreciation equipment - 140,000 25 26 27 Duiring 2015: 28 Equipment (cost 40,000 and accumulated depreciation $22,000) was sold for $17,000 29 Buildings purchased for $40,000 30 Building (cost 50,000 and accumulated depreciation of 10,000) was sold for 70,000 31 Equipment was purchased for 32,000 32 Depreciation expense for 2015 was 50,000 ($6,000 buildings, 44,000 equipment) 33 34 Prepare the Property, Plant and Equipment section of the balance sheet as it would be seen in a classified balance sheet